I have profiles turned on and want to turn them off, effect on iTunes?

I moved in with my wife about 2 years ago. With 2 adults and 4 kids in the house I turned profiles on, meaning, you had to select which user you are and provide a password. I did this for a number of reasons but iTunes was one of them. My son and I both have iPods and iPhones and my wife has a nano. So what I've been doing, when one of us buys music is importing it into the other's iTunes library. If I'm not mistaken this has resulted in many GB of the same songs eating up space on my HDD. My question is, if I turn off the requirement to log in as a certain user, what will happen to the iTunes libraries? Will we have everything? Lose anything? If you just have the one login and multiple devices does iTunes just give you the choice of what to think?

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